Economic Survey 2013 Highlights

Chief Economic Advisor Raghuram Rajan tabled his first ever Economic Survey.

Key features of the Survey are:

GDP growth for 2012-13 is expected at 5%

GDP growth for 2013-14 is expected at 6.1% to 6.7%

The Average WPI Inflation has come down from 8.9% in 2011-12 to 7.6% in 2012-13

The Average CPI Inflation has increased from 8.4% in 2011-12 to 10.0% in 2012-13

Gross Fiscal Deficit has come down from 5.7% of GDP to 5.1% of GDP

Revenue Deficit has come down from 4.3% of GDP to 3.5% of GDP

The trade deficit increased to US$ 189.8 billion (10.2 per cent of GDP) in 2011-12 as compared to US$ 127.3 billion (7.4 per cent of GDP) during 2010-11.

Current account deficit seen at 4.6% for 2013-14

Overall global economic environment remains fragile

Gold imports is key contributor to inflation, imports need to be curbed

LPG and Diesel prices need to be increased in line with global rates, oil subsidy is a key risk